Giambrone speaks exclusively to Finance Magnates, the leading industry publication on financial investments

Giambrone speaks exclusively to Finance Magnates, the leading industry publication and global B2B provider of multi-asset trading news, research and events with special focus on electronic trading, banking, and investing.

Exclusive: LBinary Website Abruptly Shuts Down, Reasons Unknown

Shortly after NRGBinary, the website of LBinary has also gone dark due to unknown reasons.

LBinary has become the latest binary options brokerage to signal operational troubles. The website of the firm has gone blank abruptly, with no explanation available on the site. The company provides to its customers binary options trading services with several online communities raising alarms as to how the firm has been handling client money.

LBinary was in the news lately after the brokerage was mentioned as one of the targets in pending lawsuits by international law firm Giambrone Law and London-based Healys LLP. The binary options brokerage is reported to have solicited substantial deposits from a number of victims.

Alongside LBinary, the lawsuit mentioned NRGBinary, whose website has also become defunct. Neither company are regulated with any of the major financial regulators. According to cached information on the website of LBinary, the company has had several owners with Gibraltar based Chelestra Limited, as well as U.K. Registered LAS Holdings LTD.

Giambrone Law and Healys LLP are representing close to 70 clients who claim to have lost over €4.3 million. The majority of the claimants hail from the Middle East, with European clients from Germany and Italy joining the class action.

According to the lawyers who have spoken to Finance Magnates, a payments processor named Moneynetint Ltd, which is regulated by the U.K. Financial Conduct Authority, served as a vehicle for the brokerages to receive funds from their depositors. At present there is no evidence that Moneynetint is involved with the alleged frauds.

According to the investigations conducted by Giambrone Law, both LBinary and NRG Binary share a similar ownership structure with both defendants’ companies domiciled in the UK